Final answer:
The correct answer is salary, which refers to a fixed amount of regular compensation paid for a specific time period, often annually, regardless of the number of hours worked.
Step-by-step explanation:
The term that means a set amount of compensation for a given time period is salary. A salary is often expressed as an annual figure, but it can be divided into payments that are distributed over the course of the year, typically on a monthly or bi-weekly basis. This type of compensation does not typically vary with the number of hours worked, in contrast to an hourly wage. Employees on a salary often receive benefits such as health insurance, retirement and savings plans, which may include both defined benefit and defined contribution plans, and could be covered by various types of legally required insurance like workman's compensation.